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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market# s+ @8 W9 i" o8 f) K+ M3 j
/ \5 ~% a* y9 ROTTAWA - The Bank of Canada today announced that it is raising its target for the overnight; M: H, i+ b# u
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
7 R* o4 s! s: |) t% {, ~8 c# Kraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 |5 `# f8 k$ T% c2 C
operating band of 50 basis points for the overnight rate.5 B) b/ s2 D7 T- J+ B
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The global economic recovery is proceeding but is increasingly uneven across countries, with* k) S4 Y( {' ~" g' S; ]( P
strong momentum in emerging market economies, some consolidation of the recovery in the
4 A4 ^( t+ |% _9 {United States, Japan and other industrialized economies, and the possibility of renewed weakness8 ~1 _4 w8 z+ u$ j- o0 S; {
in Europe. The required rebalancing of global growth has not yet materialized./ v* ]$ o0 [7 f+ H! d
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal! j2 [, @' L9 j/ C' {4 n( L0 q. h
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the& L# f# k% O) T, f" ^
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result# x6 |7 U; ?: C0 p- ?, ~6 ]+ t$ }
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& m$ c) ~" ~1 P/ _: F! t7 z
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the Z' ^. c0 c; {4 L+ p! T1 L
spillover into Canada from events in Europe has been limited to a modest fall in commodity
9 h3 z/ Z6 J" H3 @* r9 `prices and some tightening of financial conditions." q x2 N, R" I& M x/ ^
: T. V+ U1 \6 hActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
1 ]5 e! {' E5 E9 h$ jin the first quarter, led by housing and consumer spending. Employment growth has resumed.
8 q3 |9 Y8 \6 t3 I2 m: a @& IGoing forward, household spending is expected to decelerate to a pace more consistent with
6 h g f# b: B! N+ D3 G) z+ mincome growth. The anticipated pickup in business investment will be important for a more. S0 v% H. S5 {/ g% S* }# `
balanced recovery.
" i. Q }: ^/ l1 J9 x4 a A
& B9 C+ j: j9 F7 U- L3 b4 zCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects. r; \1 C& y3 x" V2 z
the combined influences of strong domestic demand, slowing wage growth, and overall excess5 x: e" e- q' {( Y8 O; ^
supply.- {* v% L4 n' q2 T" X. o6 z+ R
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and2 |# ]: Z5 m* ^1 k0 K# b& Q9 ]
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
& K1 x: g" h$ N1 D: Z! f' Kmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the # {' Z. E; z3 q- l, y
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.2 C, Y, T4 d4 @4 b; I
* g% D0 Q! y# X* s8 eGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
% e' i' Z: r, E* q* Pstimulus would have to be weighed carefully against domestic and global economic
2 s& B! f- c z; m- ~developments.$ D/ g6 V2 d% _' b
6 O" [; `! V$ MInformation note:: }! j; {7 l! l; p, {
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ e: p) \ D* n& q# ^' C
of the Bank's outlook for the economy and inflation, including risks to the projection, will be- b7 P/ z. U+ X4 u4 S& \5 `; E
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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楼主
发表于 2010-6-1 10:11
发表于 2010-6-1 12:38
小罚一下， 请您做一碗正宗的麻辣面犒劳一下版主游侠同志！